With the continuing expansion of wildfire
risk, Delos leverages its proprietary technologies to insure
California homes in
wildfire-stressed areas
SAN
FRANCISCO, Sept. 12, 2024 /PRNewswire/ -- As 20 times
more land in California has
succumbed to wildfire this year than last year, the California
Department of Forestry and Fire Protection (Cal Fire) is now talking in terms of 'Fire
Years' rather than 'Fire Seasons'. This exacerbates the already
challenging availability of wildfire insurance as many carriers
have pulled back from large segments of the California market, creating the
well-publicized crisis of insurance availability and affordability
for millions of families living in wildfire-stressed areas.
Since the beginning of 2024, more than 3,500 wildfires have
swept across the state. They have consumed approximately 207,000
acres, compared to 10,000 acres for the same time period
(January-July) last year - and out-pacing the five-year average of
39,000 acres burned through mid-July.
Traditional insurance carriers have decided that homes in areas
potentially exposed to wildfire are uninsurable or not insurable at
affordable rates. Despite the welcome interventions from the
Insurance Commissioner, many homeowners are still seeing their
policies non-renewed, or are experiencing sharp premium
increases.
Delos research indicates that it doesn't have to be that way.
Its patented technology empowers the company to pinpoint properties
in stressed areas that do not pose a high risk of loss. Their
proprietary wildfire model has demonstrated extraordinary accuracy
over the past six fire seasons, enabling Delos to offer insurance
to tens of thousands of homeowners in distressed California markets.
"California homeowners need to
be able to find reasonably priced insurance. Year after year we see
a growing need for California
homeowners, including those with vacant properties, to access
reliable insurance protection at a more affordable price," said
Kevin Stein, CEO Delos Insurance
Solutions. "Climate events are increasing in intensity, and
striking in new areas. It is not a case of people moving into
wildfire-exposed areas, but of wildfire-exposed areas expanding
near them."
"As an MGA, focused on the needs of homeowners in
wildfire-stressed zones, we are fully committed - along with our
insurance carrier partners - to insuring homes in California regions that have few options due
to even the slightest perception of exposure to wildfire, Stein
added. Our goal is to offer peace of mind to even more California homeowners,
"Using satellite imagery and proprietary modeling, Delos is able
to underwrite homes in areas that have been largely abandoned by
much of the rest of the insurance industry," said David Shew, who has more than 30 years of fire
suppression experience, is a retired CalFire Chief, and an advisor
to Delos. "As conditions get worse, we need to find different
solutions to the insurance crisis," said Shew. "The increasing
complexity and variability of this risk requires the enhanced
technology, data, and analytics that Delos has pioneered."
Not every home in wildfire-stressed areas is insurable, but many
homes are less vulnerable and should be eligible for less costly
coverage. Understanding wildfire risk - how wildfires today are
different than just a few years ago - and successfully integrating
diverse data points into the insurance process - are key elements
to solving this crisis.
About Delos Insurance Solutions
Delos Insurance Solutions uses cutting-edge technology to offer
insurance protection to homeowners in communities abandoned by
other insurers because of wildfire risk. Founded in San Francisco in 2017 by aerospace engineers,
Delos uses satellite imagery and artificial intelligence to
identify insurable homes within territories deemed too risky by the
rest of the insurance market. Delos is a Managing General Agent
(MGA) offering policies on behalf of multiple carriers, all of
which are rated "A" (Excellent) by AM Best.
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SOURCE Delos Insurance Solutions